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THE ESTATE COMPANIES OBTAINS SITE PLAN APPROVAL FOR SOLESTE ON THE BAY LUXURY WATERFRONT RENTAL DEVELOPMENT, THE FIRM’S SECOND MAJOR INVESTMENT IN NORTH MIAMI BEACH

The Estate Companies (EIG), a leading developer of luxury multifamily projects throughout South Florida, has obtained unanimous site plan approval for Soleste on the Bay, a 759,439 square-foot, 28-story luxury waterfront rental community with 363 units, 17,000 square feet of commercial space and 645 parking spaces at 16375 Biscayne Blvd. in North Miami Beach. The city commission voted unanimously in favor of the project on Aug. 16th. Groundbreaking is slated for Q4 2022. The Estate Companies was represented by Land Use Counsel, Ethan Wasserman, of Greenberg Traurig, LLP.

This is The Estate Companies’ second major investment in North Miami Beach. Located directly next door to Soleste on the Bay, construction is underway on Soleste NoMi Beach, a 23-story rental community with 367 units and 2,708 square feet of ground floor commercial space. The project broke ground in October 2021.

Tenants can select from a variety of studios, one-, two- and three-bedroom units ranging in size from approximately 550-1,250 square feet.

Like all projects within the Soleste Living brand portfolio, Soleste on the Bay will be a highly amenitized development with a vast collection of health and wellness offerings and social components, including a 10th floor amenity deck with two resort-style pools, spacious sundeck, game room, yoga room, spinning room, lounge, state-of-the-art fitness center and cinema.

The 2.15-acre waterfront property is located on the south side of the Royal Glades Canal with water views to the north and east. The site offers easy access to the 163rd Street Causeway, which connects to US-1 and A1A and all major arteries. The project is also in close proximity to Greynolds Park and within minutes to the beach and two of Florida’s premier shopping destinations, the Aventura Mall and legendary Bal Harbour Shops.

The Estate Companies is one of Florida’s largest and most active multifamily development firms with more than 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. The firm recently completed and sold Miami’s first large-scale, ground-up opportunity zone development, Soleste Grand Central in Downtown Miami. Development is also nearing completion on Alture Westland, a hotel conversion in Hialeah, and Soleste Spring Gardens in Miami’s historic health district. The Estate Companies recently completed and sold Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. In addition to two projects in North Miami Beach, the firm has projects in various stages of development in Dania Beach, Spring Gardens, Hollywood, Riviera Beach, Lauderhill, Pompano Beach and West Palm Beach, among others. For information on The Estate Companies, please visit www.eigfl.com or www.solesteliving.com.

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